Traverse City, MI -- (SBWIRE) -- 12/09/2016 -- Tax preparation planner and author Frank Ellis has revealed new insights into calculating employee payroll deductions using QuickBooks 2016, in an article now available at Maxmoneyzone.org. Employers must deduct amounts related to health insurance, 401k, and more. The software does this automatically, the author says. A step by step process does not require experience, and a free trial and online calculator compute all the numbers.
Ellis then breaks down the different payroll deductions one can input into QuickBooks. The first is payroll filing status, such as single, married, etc. Another is total gross pay and allowances. Able to decrease federal withholdings, allowances enable one to claim a maximum amount in deductions. Employees determine the number they have, and is usually related to the number of dependents they claim.
In addition to a payroll deductions video, the article talks about how to calculate pension plan holdings. QuickBooks supports 401k and 403B, which lower tax withholdings. A few specifics regarding these are identified. Limitations, updates, and maximum contributions are mentioned as well in this section of the article.
Lastly, a calculator based on pre-tax deductions such as health insurance is discussed. Health insurance premiums deducted from paychecks are not part of Medicare taxes or FICA. Taxpayers can enter all deductions on the online free trial of the software and calculator. This also saves a lot of time for employers, especially small businesses.
This and other articles provide invaluable information on tax forms, deductions, and other accounting topics for taxpayers when it is time to file. Tools, tips, and advice many people don't know about can be learned, so one can find out how they can save a maximum amount on their taxes, and receive larger refunds.
To learn more about the QuickBooks payroll deductions calculator now available online for free, go to http://maxmoneyzone.org/payroll-deductions-online-calculator-quickbooks-2016/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Frank Ellis, MBA
Maximum Money Zone
Address: 945 east 8th st - suite B, Traverse City, MI 49686